News & Tips: Bovis Homes, Standard Life, IQE & more

March 24, 2014 by  
Filed under Solar Energy Tips

Equities in London have slipped in early trading. The Trader Dominic Picarda thinks the uptrend in global equities remains intact but is less enamoured with the FTSE100 than other indices.

IC TIP UPDATES:

Bovis Homes (BVS) has announced two private rental sector agreements under which around 510 homes will be sold to investors, one of whom is being funded by the government’s Build to Rent scheme. The deals have a total value of around £80m and 250 homes should be completed in the current financial year. Bovis itself is taking a 27 per cent equity stake in one of the entities which is buying 190 homes on sites in the South of England where Bovis may have otherwise considered less lucrative land sales. We maintain our buy recommendation.

Standard Life (SL.) has confirmed press speculation that it is in discussions with Phoenix Group with regard to a potential bid for its Ignis Asset Management business. We keep our buy rating on Standard Life.

Finsbury Food (FIF) posted a 5 per cent improvement in revenues for the year to 28 December with profits up by 50.6 per cent to £2.1m. The company also paid down more than half of its debt, aided by the sale of the Free From division during the year. Buy.

Simon Thompson recommendationIQE (IQE) says that an as-yet unnamed investor has bought its stake in partner company Solar Junction. The terms of the deal are not yet public, but IQE’s wafer supply agreement is unaffected by the transaction.

Another Simon Thompson recommendation, BP Marsh (BPM) has announced its intention to pay a final dividend of 2.75p in respect of the year to 31 January.

KEY STORIES:

Engineering and construction specialist Kentz (KENZ) grew revenues by 6 per cent to $1.66bn in 2013 with profits rising by 12.6 per cent to $118m. Kentz’s order backlog increased by 58 per cent from the end of 2012 to the end of February 2014, when it stood at $4.1bn. The pipeline of new business opportunities also continues to grow, and is up 18 per cent to $15.6bn.

Pawnbroker Albemarle Bond (ABM) has requested that its shares be suspended from trading this morning as the company tries to clarify its financial position. Its banks have indicated that they will not be able to support management’s turnaround plan for the business.

Petrofac (PFC) has been awarded a four year engineering and procurement contract in Oman with regard to the Harweel cluster of oil and gas fields which is expected to be worth more than $1bn over its lifetime.

Property company Shaftesbury (SHB) has agreed to pay £30.75m for the acquisition of Jaeger House, a mixed-use building in Soho, London.

Recently floated postal services business DX Group (DX.) has posted maiden interim results for the six months to December showing a 3.2 per cent rise in revenues and a 10.3 per cent improvement in reported profits on continuing operations before exceptional costs.

OTHER COMPANY NEWS:

Velocys (VLS) has entered a joint venture agreement with Waste Management, NRG Energy and Ventech Engineers to develop gas to liquids plants in the US and elsewhere.

Horizon Discovery, which develops tools for use in genomics research, has successfully raised £68.6m ahead of an Aim flotation which will value the company at £120.5m.

Another new entrant to Aim, rare books dealer Scholium (SCHPO) will start trading on Aim later this week after raising £8m.

Amerisur Resources (AMER), which is developing oil producing assets in Columbia, has announced its 12th successful well on the Platanillo field. The Platanillo-17 well is producing 1,100 barrels of oil per day.

LondonMetric Property (LMP) is to acquire the Oak Furniture Land distribution centre in Swindon for £22m.

READ MORE…

Read today’s press headlines and share tips.

 

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